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SEC Passes Dodd-Frank Securitization, Credit Rating Rules

The U.S. Securities and Exchange Commission on Wednesday finalized broad new rules covering two outstanding components of the Dodd-Frank Act when it passed extensive new disclosure and reporting requirements for asset-backed securities and imposed new internal controls on credit rating agencies.

  • Schlumberger Fined, Trade Secrets Suit Against Ex-Atty Gutted

    Schlumberger Ltd. was ordered to pay $600,000 in attorneys' fees and sanctions on Wednesday after a Texas judge threw out the majority of a lawsuit the company had filed accusing its former chief intellectual property lawyer of sharing trade secrets with Acacia Research Group.

  • BREAKING: Apple Denied Ban On Samsung Devices In Smartphone War

    A California federal judge on Wednesday refused to permanently ban Samsung Electronics Co. Ltd. from selling several mobile phones and tablets that a jury recently found infringed Apple Inc. patents, ruling Apple hadn't shown that it would suffer irreparable harm to its reputation.

  • Chancery Fast-Tracks Ackman Suit To Force Allergan Meeting

    A Delaware Chancery judge agreed Wednesday to fast-track the lawsuit by activist investor Bill Ackman and Valeant Pharmaceuticals International Inc. looking to compel a special shareholder meeting as part of their $53 billion hostile takeover campaign of Botox-maker Allergan Inc., questioning whether the target actually wants to hold a meeting in December.

  • RBS, NatWest Fined $24M Over Faulty Mortgage Advice

    The U.K. Financial Conduct Authority on Wednesday fined The Royal Bank of Scotland PLC and its NatWest business £14.5 million ($24 million) for failing to provide suitable advice to consumers purchasing mortgages after investigating a series of transactions in 2012.

  • Allergan Sets Special Meeting In $53B Valeant Takeover Bid

    Allergan Inc. said Tuesday it will hold a special meeting on Dec. 18 where shareholders can vote on a proposed board overhaul, part of a $53 billion takeover bid by Valeant Pharmaceuticals International Inc., and will seek an order blocking Valeant, investor Bill Ackman and Ackman's hedge fund from voting their shares.